TORONTO, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Base Carbon Inc. (Cboe CA: BCBN) (OTCQX:BCBNF) with operations through its wholly-owned subsidiary, Base Carbon Capital Partners Corp. ("BCCPC", together, with affiliates, "Base Carbon", or the "Company"), is pleased to announce it has received proceeds of approximately $11.2 million from sales of carbon credits from its Vietnam household device and Rwanda cookstove projects. All financial references are denominated in U.S. dollars, unless otherwise noted. Highlights: Received payment of approximately $11.2 million from the sale of carbon credits generated from its Vietnam and Rwanda projects. Received total payments to date of approximately $30.0 million from its Vietnam project, with full payback and initial capital return within approximately 2 years of initial capital commitment to the project. Maintains inventory of approximately 700,000 article 6 labeled carbon credits generated from the Rwanda project which the Company believes will be eligible for inclusion and delivery into programs like CORSIA, the international aviation industry framework to reduce/offset carbon emissions. Vietnam Household Devices Project Including the most recent payment, Base Carbon has received a total of approximately $30.0 million from the contracted sale of carbon credits generated from its Vietnam project and expects additional proceeds of approximately $6.3 million in future payments from the project off-take arrangement. The Company has now achieved both initial capital returns and full payback of Base Carbon's capital investment into the project. Beyond the first 7.4 million carbon credits produced from the project subject to the off-take sale arrangement, Base Carbon and its shareholders continue to have the right, but not the obligation, to purchase all carbon credits produced from the remaining life of the project, currently anticipated to be approximately 25 million carbon credits in "phase 2" of the project, at a predetermined price as further described in the Company's first quarter management's discussion and analysis. Rwanda Cookstoves Project Base Carbon completed an initial market sale of 20,000 carbon credits generated from its Rwanda project. This sale represents less than 3% of the initial carbon credits issued to the Company from this project and was designed as a market-based "test-trade" to ensure commercial market-based capabilities. The Company continues to hold an inventory of approximately 700,000 carbon credits labeled with Verra's "Article ...